The growth of insurance telematics products and services (ITPS) will be driven by data obtained by consumers and given to insurers. ITPS will grow from 300,000 units to over one million in 2011, according to Telematics Update.

ITPS builds on the ability of telematics technology to collect, aggregate and analyse data about driving behaviour and road conditions. As more data is made available, products such as Pay As You Drive (PAYD) and Manage How You Drive (MHYD) will increase in popularity.

Telematics Update announced the publication of a new report, “The Future for Insurance: Smart Vehicle Technology.” The report details an extensive analysis of the products and services across the insurance telematics industry including US, Europe, Brazil, South Africa, Russia, Japan, and China.

The report assesses available data, information and strategies from over 20 leading insurers, OEMs, and suppliers. It is targeted at the entire insurance telematics value chain, from insurers, vehicle OEM, device manufacturers, solution providers and data aggregators.